Top investor association objects to Franklin's voting process on six funds

Seeks proportional representation of unitholders in letter to regulator

A leading investor association has raised questions about the legality of the voting process for the winding up of six funds that Franklin Templeton Asset Management (India) manages.

There was no postal intimation to unitholders who didn’t have a registered email address, according to a letter that Midas Touch Investors Association sent to the Securities and Exchange Board of India (Sebi). It added also argued that unitholders should have a vote in proportion to their holdings.

“The principle of one vote per shareholder violates the right of the unitholder, and hence is Illegal,” said the letter from founder Virendra Jain